Russell and Kimora Simmons
announced that their respective sneaker lines were out-selling major competitors
in stores across the country.
The Simmons’ “Diva”
sneaker and the Phat Farm Classic shoe moved over 36,000 pairs through 900 Finish
Line stores, selling more than Nike, Reebok and Adidas in a single week.
“Nike is $10 billion
dollar company,” Russell Simmons told AllHipHop.com. “I remember
10 years ago when I first started in this business, all anyone bought was Tommy
and Polo. Now we are competing with them and they still don’t see us coming.”
The “Baby Phat”
sneaker debuted this summer and helped to establish Phat Farm as one of the
leading urban clothing company world-wide.
“We are very excited
about this news and feel strongly that our product will continue to appeal to
everyone looking for a little fashion in their everyday life,” Kimora
Lee Simmons, CEO and creative director of Baby Phat.
Russell Simmons established
Phat Farm in 1992 and since then, the venture has evolved into a global lifestyle
company. In January, Kellwood bought Phat Fashions and made it a subsidiary,
while Simmons received $140 million dollars.
He said that the company’s
revenue would double this year, from $80 million to $160 million. Russell attributed
the shoe’s success to the quality of his sneakers, which he says are better
than most in the industry.
“No one can deny that
the ‘Diva’ sneaker and my ‘Phat Classic’ are better
quality and technology than Nike’s Air Force 1’s," he continued.
"Those shoes have cheap old technology. Jay-Z and other rappers are doing
these sneaker companies a favor by putting themselves with these sneakers. The
real truth is we don’t need them [the sneaker companies].”
